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Posted inEconomy

How Bank of America helped fuel California’s unemployment meltdown

After the Great Recession, California signed an exclusive contract with Bank of America to distribute unemployment benefits through prepaid debit cards. A CalMatters investigation reveals that to this day, no one knows how much the bank has made off the deal. Lawmakers are examining the bank’s role in mass account freezes and untold amounts of missing money for thousands of struggling jobless Californians — as well as where the bank may have failed to keep unemployment money safe from fraud.

Posted inWhatMatters

10,000 unemployment claims backlogged per day — claims paused for 2 weeks

Planning on applying for unemployment benefits? Well, you won’t be able to do so for the next two weeks. California’s beleaguered unemployment department is putting a pause on new claims until Oct. 5 to give it time to implement an automatic identity-verification tool to speed up processing times. The move follows recommendations outlined in a […]